Gordon Brown’s Interest Raised

GORDON Brown may have dodged a vote of no confidence in the Commons yesterday, but news that the Bank of England is preparing to increase interest rates as soon as next month is sure to embarrass the increasingly fallible Chancellor.

With inflation breaching the Government’s target by over one per cent last month, homeowners already crushed by debt, are set to take another hit with rates possibly even rising to nearly six per cent.

Mervyn King, governor of the Bank of England has even been forced to write a letter to the Chancellor explaining the rise in inflation.

Tony Blair has, however, backed Brown, claiming, thought gritted teeth “Name me a better Chancellor since the Second World War in this country”.

One suspects the Prime Minister won’t have trouble paying his mortgage once he leaves No 10.